AUD/JPY Price Analysis: MACD turns bullish after a month, eyes on 21-day SMA

AUD/JPY remains upbeat around an eight-day high.
Sustained trading beyond 10-day SMA, bullish MACD favor buyers.
23.6% Fibonacci retracement adds to the support.

Anil Panchal FXStreet

Following its sustained break of 10-day SMA, AUD/JPY remains 0.35% positive around 68.55 amid the early Asian session on Wednesday. In addition to the successful clearance of the short-term SMA, bullish MACD also favors the buyers.

As a result, traders will now target the 21-day SMA level around 67.70 during the further upside. However, the March 09 gap around 69.00 and 61.8% Fibonacci retracement of December 2019 to March 2020 fall, near 70.20 could challenge the bulls afterward.

In a case where the AUD/JPY prices remain positive after 70.20, January month low near 72.45 will return to the charts.

On the downside, a daily closing below the 10-day SMA level of 65.00 will renew selling pressure towards 23.6% Fibonacci retracement figures around 63.80.

However, 62.40 and 61.70 could stop the bears from revisiting the previous week’s low near 59.90.

AUD/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	66.49
Today Daily Change	1.55
Today Daily Change %	2.39%
Today daily open	64.94

Trends
Daily SMA20	68.05
Daily SMA50	71.72
Daily SMA100	73.3
Daily SMA200	73.5

Levels
Previous Daily High	64.94
Previous Daily Low	62.93
Previous Weekly High	66.25
Previous Weekly Low	59.9
Previous Monthly High	74.47
Previous Monthly Low	69.38
Daily Fibonacci 38.2%	64.17
Daily Fibonacci 61.8%	63.7
Daily Pivot Point S1	63.6
Daily Pivot Point S2	62.26
Daily Pivot Point S3	61.59
Daily Pivot Point R1	65.61
Daily Pivot Point R2	66.28
Daily Pivot Point R3	67.62

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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